Difference between CPP and PPI

Discussion in 'Payment Protection Insurance claims' started by kojak, Apr 26, 2015.

  1. kojak

    kojak Frequent Poster

    Posts:
    38
    Hi all,

    I got a letter from my bank (boi) saying that I was due a refund of any cpp I have paid, to my knowledge this is very different to PPI and am wondering the difference between them ?

    I also have a hefty monthly charge for PPI on the credit card which has been heavily used over the past 5-7 years due to a lot of house work and with work, also which I am going to cancel, am I entitled to both charges refunded to me or is the bank sly and trying to refund the cheaper option (cpp).

    Confused
     
  2. kojak

    kojak Frequent Poster

    Posts:
    38
    Also should I write to the bank asking for a refund or should I employ a company (Stanton fisher to be exact) to claim this back for me at an extortionate rate (33 percent) ??

    All this is very confusing so trying to educate myself and so the right thing
     
  3. so-crates

    so-crates Frequent Poster

    Posts:
    1,655
    Pretty good article on the refund of credit card protection insurance. http://www.irishtimes.com/business/...over-mis-selling-of-card-protection-1.2174292

    I, like you I suppose, was signed up to it clueless, and in truth when I saw it as an item on my bill assumed it was some sort of obligation on me to pay, like having to get insurance when signing for a mortgage. I saw an article in 2009 about it and it prompted me to do some investigation. When I worked out what it was for I cancelled it immediately.

    The PPI scandal is a separate cash skimming exercise that was being engaged in.
     
  4. so-crates

    so-crates Frequent Poster

    Posts:
    1,655
    I wouldn't engage anyone to try claiming it. The banks hands are being forced on this, they have been told to refund. You'd basically be paying someone to fill out a form for you. It isn't even that complicated a form. Having looked at it last night the only tricksome part is they ask for a reason why you believe you are entitled to a refund. I suppose "near-fraudulent cash-skimming scheme" will not be acceptable!
     
  5. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,517
    So-crates .
    Banks hands are (thankfully) being forced on Credit Card Policy (CCP) this is comparatively small money.
    I think the CCP money is easy to reclaim and no one needs to employ anyone.

    Banks hands are not being forced on Payment Protection Insurance (PPI ) policies.
    Suggest people read postings on PPI.

    Banks are not paying out on most PPI policies and indeed will not probably have too!
    PPI should repay 2,500,000,000 that's 2.5 Billion , thus far only a well publicised trickle that gives the semblance of pay out.

    Kojak,
    On CCP you should not need Stanton-Fisher etc,
    But on PPI send me a private note and I will advise.
     
    so-crates likes this.
  6. so-crates

    so-crates Frequent Poster

    Posts:
    1,655
    Sorry, yes. As Gerry has pointed out I was specifically referring to not employing someone else to reclaim on the credit card protection issue.
     
  7. kojak

    kojak Frequent Poster

    Posts:
    38
    Thanks guys, I did in fact not employ anyone to seek compensation for cpp as the bank had sent me a letter stating I was due a refund (as long as had valid reason for refund) but as gerry canning has said PPI seems to be a Different story.... I worked out I am owed approx €2000 back from this policy since 2006 but have done nothing about it as of yet.
    So many conflicting stories about refunds it's hard to know the right way to go about it... Doesn't seem to be in my favour for a refund would this be correct or am I wrong ?
     
  8. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,517
    Kojak,

    As things stand you are very probably too late to try to reclaim miss-sold ppi , suggest read the threads on ppi.
    There are heavy legal challenges going on with sample cases against some providers and I have little doubt some cases will create some precedent.
    For now apply for full breakdown of the agreements you had PPI on and watch the Press.
    That said, I am not too hopeful because the powers that be, are very much in Bank protection mode.
    A little was paid out to pretend ppi was sorted.
     
  9. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,517
    Phone calls are coming that AIB are repaying funds on PPI (payment protection Insurance).
    Nope they are writing to customers asking them to apply for refund on CCP (card protection policies)

    Customers may not bother to reclaim ergo AIB keeps the funds ,notwithstanding AIB know they did wrong.
    Our Central Bank knew for years about this issue , but at is their way, did NOUGHT.
    AIB should payout, or be told pay out by the toothless Central Bank.